Ear to the ground
DRL gains on Glaxo's expense?
Dr Reddy's Laboratories scrip continued to be in the limelight, rising over eight per cent on Wednesday. The scrip was up on reports that GlaxoSmithKline would discontinue the development of an experimental drug for diabetes. Dr.Reddy's is in an advanced
stage of clinical trials for anti-diabetes drug and Glaxo withdrawal will leave market open to Dr. Reddy's. DRL has licensed the anti-diabetes molecule to the Denmark pharma company Nove Nordisk. DRL woule be getting a royalty fee of around 10 per cent
of the total sales from the Danish firm. The rise in the stock price was also on account of no-delivery period ending today on the NSE for stock spilt. The Rs 5-face value (split from Rs 10-face value) shares ended 8.25 per cent higher at Rs 1,082 on the
NSE. On the BSE it closed Rs 1,082, up 8.27 per cent. Whether the sellers will get the Rs 5 face value shares by tomorrow in their account is uncertain, dealers said.
Off the ticker
Low-priced TMT stocks active
THE recent stock market rally seemed to have infused fresh confidence into some of the low-priced technology, media and telecommunication (TMT) stocks. Select TMT stocks witnessed heightened activity on Wednesday's trading though price wise they display
ed a flat trend. Here are some such stocks.
On the hedge
November contracts signal market fall?
WITH the front-month contracts set to expire on October 25, increased activity was seen in the November contracts on Wednesday's trading in the derivatives segment.
Stocks
Markets are safe, Mehta tells FIIs
scam, marked by market manipulations, the Chairman of the Securities and Exchange Board of India (SEBI), Mr D.R. Mehta, has sought to assure FII investors and Global Custodians that the Indian markets were mature and safe with settlements taking place in
a timely manner.
Forfeiting shares -- Investors cut loss; advantage to cos
REMEMBER those hay days of the primary market between 1994 and 1996 when almost any fly-by-night operator could raise money in the local market through a public issue. The gullible investors lined up to subscribe to public issues irrespective of the fact
that they have never heard of the company, its promoters or its track record.
Heightened interest in Aptech, Dr Reddy's
THE BSE Sensex shed its gains partially on Wednesday, pressured by profit-booking and decline in heavyweights - Hindustan Lever and Reliance Industries.
Technical Analysis
Restricted movement
WEDNESDAY's trading activity witnessed restricted movement. Nifty moved within a close band of 13 points and closed with a marginal loss of two points with respect to Tuesday's close. The market sentiment reading of the tradable counters stands mildly in
favour of the bulls.
